Render layer confusion
Ok, there are a number of issues with your file:


Select Layers 1 and 2 in the viewport to have both layers render.





In the Render>Shading panel you should select Transparent instead of Sky for the Alpha setting. This will allow your Text layer to render with an alpha channel instead of black.





Secondly, your Hue/Sat compositing node affecting the Shockwave layer IS keyframed on the Value field. Try muting it to see the difference.





Reverse the inputs on your Alpha Over node to put the shockwave behind.






The shockwave image is very light when viewing in Color+Alpha mode in the UV/Image Editor. If you switch to Color only you can see a stronger effect. Alternatively, you could composite a black background behind everything to see it better.